A long-term investment drive, new industrial projects and tighter oversight of artisanal output are reshaping the country’s ambitions in one of the continent’s most competitive sectors.

Côte d’Ivoire is positioning itself to challenge Africa’s top gold producers. After signaling in recent months that it aims to match or surpass neighbors such as Mali and Ghana, the government has now anchored that ambition in a 15-year action plan presented at last week’s Council of Ministers meeting.

The plan, known as the Integrated Policy on Mineral Resources and Energy (PIRME), carries a budget of 38 trillion CFA francs ($67 billion) and includes energy and hydrocarbons projects. The mining pillar accounts for about 30% of the total, or roughly 11.4 trillion CFA francs in planned investment by 2040. Authorities say financing will come from both the state and private investors, without specifying the breakdown.

In gold mining, the government can rely on strong momentum from private operators. Foreign companies have expanded their presence in recent years, drawn by Côte d’Ivoire’s sizeable geological potential, estimated at around 600 tons of gold, and a business environment viewed as comparatively investor-friendly.

As resource nationalism rises in parts of the region, including Mali and Burkina Faso, Côte d’Ivoire is gaining a reputation for predictable operating conditions. Mines Minister Mamadou Sangafowa-Coulibaly says a discovery can be brought into production in “on average less than five years.” Justin Tremain, an executive at Turaco, one of the companies active in the sector, describes Côte d’Ivoire as the “best place in the world” to develop a gold mine.

Buoyed by this influx of investment, national gold output has nearly tripled in a decade, rising from about 20 tons in 2014 to 58 tons in 2023. World Gold Council data ranked Côte d’Ivoire as Africa’s seventh-largest producer last year, behind Ghana, Mali, Burkina Faso and Guinea. But the Council’s estimates differ from official national figures. It reports 94 tons for Burkina Faso and 100 tons for Mali, while the two governments cited 60.7 tons and less than 60 tons respectively. The gap likely reflects undeclared output, particularly from artisanal and small-scale mining.

To overtake Ghana, Africa’s leading gold producer, Côte d’Ivoire must roughly triple its output by 2040. Ghana’s mines produced 4.8 million ounces, nearly 150 tons, last year, up 19.3% from 2022, according to the country’s Chamber of Mines. And as Abidjan seeks to boost its own production, its neighbors are also pushing to expand. Ghana, for instance, plans to scrap a 15% value-added tax on mining exploration costs in its 2026 budget to spur new discoveries.

Côte d’Ivoire’s strategy to compete includes accelerating industrial production from new projects such as Doropo, Koné and the upcoming Assafou mine, while continuing to attract exploration capital. Another avenue to lift national output is tightening oversight of artisanal mining so that more production enters formal channels. SWISSAID estimates that undeclared gold output in Côte d’Ivoire has ranged between 30 and 40 tons in recent years.

Emiliano Tossou